The demographic age structure is an important factor affecting the risk structure of financial markets.Based on the utility function of investors,this paper establishes a dynamic model of risk aversion coefficient by introducing the changes of investors'income,consumption and other factors at different ages,and finds that the age of decision-makers has a significant impact on risk preference.Then,this paper conducts empirical analysis at the micro and macro levels.The empirical results show that:at the micro level,investors'age is negatively correlated with market participation and investment risk preference,and investors'gender and education level play a moderating role.At the macro level,the higher the proportion of population aged 15-64 is,the higher the risk preference and investment preference are.The proportion of population aged 0-14 and 65 and above has a negative impact on risk preference and investment preference.Therefore,this paper provides a new idea for studying long-term financial stability from the demographic perspective,and also provides reference and suggestions for the balance between supply and demand and the benign development of China's financial market.
万方数据
维普
